averageguy
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Post by averageguy on Dec 4, 2020 21:06:42 GMT
memy. Are you saying you have actually paid 35%, the exchange contract figure, through your solicitor. Yes, I have already said that. 35% on exchange + 65% on completion. This is one of the options you could choose. They offered investors other options but this was the "cheapest one". ....were you expecting those funds to be used to fund the development? I just don’t understand 35% being paid on exchange on something not built ..am I missing something here
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7d7
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Post by 7d7 on Dec 5, 2020 12:20:18 GMT
First of all, when I talk about plots I am talking about the units you buy off-plan. Secondly, I am a portfolio landlord therefore, with all the due respect, I think I know what I am talking about. As I said, I have already been in a similar situation in the past. A few years ago I bought an off-plan property in Birmingham city centre. The developer went into administration (another scam...), no premium was paid to the insurer therefore no chance to get the deposit back through an insurance claim, the land was sold on auction to an experienced developer who contact me immediately offering the option to get the deposit back or to wait until the building was completed. I chose the second one. Why did the developer do that? Because, as I said, when you buy an off plan property, you register an unilateral notice in the land registry which remains in force even if the developer goes into administration. Any developer will have to deal with me, once he buys the land. I do not live under the illusion that I will rank ahead of MT on repayment of monies because I know that MT is a preferential creditor. And actually, this is exactly the reason why I do not understand why MT is not acting, being a preferential creditor.I perfectly know that there will not be money left for investors like me after repaying the loan but at least there will be an auction and another developer will buy the land. After 4 years I am tired of waiting with my money stuck in this scam. In any case, I think you are missing the point here. These people are fraudsters, they have no interest in completing the building and no interest in paying back the loan. if you don't understand this, there is nothing else to talk about. MT are not acting as you say in order to magnify their earnings. Their remuneration is calculated on a time cost basis commencing from whatever date suits them, which drastically precedes when the loan officially defaults. It is not the first time lenders have encountered loan updates full of endless forbearance and fantasy refinance offers culminating with the appointment of administrators. Being a preferential creditor, the conflict of interest is evident as it is a case of default now and earn less versus default later and earn more.
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Post by memy on Dec 5, 2020 15:28:28 GMT
I see your point, but don't you think that it is strange that MT have taken the decision to place the company into orderly wind-down just when the borrower was supposed to pay back the loan? Don't you think it strange that MT is the only lender (so far) who has got involved with this project?
Don't you think it is strange that, just when the borrower was supposed to pay back the loan, a buyer "has bought" the shares of the borrower's company becoming the "new owner"?
Finally, don't you think it is strange that all this has happened just when the investors could enforce the long stop date included in the contract?
Yes, of course, all this could be a coincidence and next week the borrower will pay back the entire loan after securing a bridging loan with another lender.
Anyway, I have shared my thoughts and the information I have got regarding this project with several posts. I believe I made my point clear. There is no much else I can do.
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Post by jamesp on Dec 5, 2020 15:33:08 GMT
If you believe they are not fraudsters, then, as I said, there is nothing else to talk about it. I have been investing in properties for many years and (luckily) I have never encounter more dishonest people. Trust me, I would love to be wrong and admit I am mistaken but unfortunately I am too old to believe in fairies. Spend a bit of time looking at other threads on here. Compared to some of the other borrowers we've had to deal with, these people are angels. I'm not saying that all will turn out well, but this is one of the few loans that is giving us an income at the moment.
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Post by Badly Drawn Stickman on Dec 5, 2020 15:57:47 GMT
I see your point, but don't you think that it is strange that MT have taken the decision to place the company into orderly wind-down just when the borrower was supposed to pay back the loan? Don't you think it strange that MT is the only lender (so far) who has got involved with this project? Don't you think it is strange that, just when the borrower was supposed to pay back the loan, a buyer "has bought" the shares of the borrower's company becoming the "new owner"? Finally, don't you think it is strange that all this has happened just when the investors could enforce the long stop date included in the contract? Yes, of course, all this could be a coincidence and next week the borrower will pay back the entire loan after securing a bridging loan with another lender. Anyway, I have shared my thoughts and the information I have got regarding this project with several posts. I believe I made my point clear. There is no much else I can do. I have this strange urge to call Ghostbusters.
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mah
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Post by mah on Dec 5, 2020 17:45:37 GMT
MT are being hopelessly strung out by the lender. A token mist of interest ("interest contribution" - oh, so kind of them) as a bargaining chip to show they are still serious. Even that is laughable given they are so bloody behind on those payments.
The borrower knows what they are doing.
MT know what the borrower is doing.
What's worst is MT don't seem to care, probably because it is too much effort to call this in and chase down whatever b*llocks is going on here.
Instead of putting up with this Byzantine scheme to pay back *interest only* in Zeno's paradox style reducing dribbles, MoneyThing do your actual job and call this in and get the capital return or part thereof underway *now*.
MT cares about their 2% per ANNUM Fee - so longer it drags, better for them.
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cedarcourtcapital
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Post by cedarcourtcapital on Dec 5, 2020 20:57:33 GMT
Anyway, I have shared my thoughts and the information I have got regarding this project with several posts. I believe I made my point clear. There is no much else I can do. I am sorry to say that from my perspective your motivations for posting are far from clear. I get that you are not a MT lender, and that you have brought a 'plot' from the developer, but what do you hope to gain by your posts here? That was a rhetorical question, because the fact you are not a MT lender probably means your motivation is not really relevant to me.
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hazellend
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Post by hazellend on Dec 6, 2020 10:37:11 GMT
I’m well overweight on this loan. 15k from back in the day when I thought P2P was great, so want to see some action soon. I would only be happy with further delay if all the interest was brought up to date.
Agree, be cautious of memy. The story sounds odd. No professional property investor would repeatedly make the same stupid mistake.
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Post by memy on Dec 6, 2020 11:42:02 GMT
No professional property investor would repeatedly make the same stupid mistake?
Just to clarify, what would be the mistake that I have made REPEATEDLY?
I buy, rent and sell properties. I have bought some properties already completed and some others off-plan.
If you had read my previous posts, you would have noticed that I said I am having issues ONLY with this investment.
I have bought 4 off plan properties in my life including this one in Liverpool and the other 3 off-plan properties I have bought are either completed or almost completed.
One of them (almost completed now) is in a development that was halted for roughly one year because the developer went into administration. The land and the project was sold to another developer who started working immediately and soon will complete the building. For this reason, I wouldn't consider this investment to be a mistake.
By the way, each of these 3 off plan properties (completed or almost completed) is now worth around 20-25K more than what I paid for.
Yes, I have made a mistake to invest in Liverpool. It is the only property I have bought in this city and I will never buy there again.
When I bought this plot in 2017 my solicitor received all the warranty related documents. Everything seemed to be fine. Now the insurer is claiming the premium was not paid in full therefore the warranty has been rescinded. I am currently in touch with other investors, also overseas, who are in the same situation.
I am not the first and not the last person who has been scammed. These things happen. Unfortunately when you are a victim of a scam you only realize that when it is too late.
If you don't trust me, it is not a problem. I can live with that.
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averageguy
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Post by averageguy on Dec 6, 2020 11:50:46 GMT
I see your point, but don't you think that it is strange that MT have taken the decision to place the company into orderly wind-down just when the borrower was supposed to pay back the loan? Don't you think it strange that MT is the only lender (so far) who has got involved with this project? Don't you think it is strange that, just when the borrower was supposed to pay back the loan, a buyer "has bought" the shares of the borrower's company becoming the "new owner"? Finally, don't you think it is strange that all this has happened just when the investors could enforce the long stop date included in the contract? Yes, of course, all this could be a coincidence and next week the borrower will pay back the entire loan after securing a bridging loan with another lender. Anyway, I have shared my thoughts and the information I have got regarding this project with several posts. I believe I made my point clear. There is no much else I can do.I’d stick to that
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criston
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Post by criston on Dec 6, 2020 11:51:25 GMT
I am surprised, if true, that a lending company is prepared to refinance or provide bridging loans to borrowers with a track record such as this one, 9 months behind with interest.
The borrower needs £2.5m plus £319k interest, to pay back Moneything lenders, for starters.
To obtain funds, would the terms of the new lender be such that the loan would be inclusive of, say 2 years withheld interest plus 2 years monitoring fees & also high interest rates.
If so, the borrower may need something like -
1) Moneything redemption £2819k
2) Moneything exit fee, say £ 50k
3) Retained interest, say £ 600k
4) Arrangement fee, say 5% £ 170k
5) Monitoring fees, say 10% £ 340k
Total £3.979m.
The valuation would need to be around £8.0m to give say 50% LTV.
My own previous calculations ended up with a similar valuation. We will see.
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 6, 2020 11:55:54 GMT
No professional property investor would repeatedly make the same stupid mistake? Just to clarify, what would be the mistake that I have made REPEATEDLY? I buy, rent and sell properties. I have bought some properties already completed and some others off-plan. If you had read my previous posts, you would have noticed that I said I am having issues ONLY with this investment. I have bought 4 off plan properties in my life including this one in Liverpool and the other 3 off-plan properties I have bought are either completed or almost completed. One of them (almost completed now) is in a development that was halted for roughly one year because the developer went into administration. The land and the project was sold to another developer who started working immediately and soon will complete the building. For this reason, I wouldn't consider this investment to be a mistake. By the way, each of these 3 off plan properties (completed or almost completed) is now worth around 20-25K more than what I paid for. Yes, I have made a mistake to invest in Liverpool. It is the only property I have bought in this city and I will never buy there again. When I bought this plot in 2017 my solicitor received all the warranty related documents. Everything seemed to be fine. Now the insurer is claiming the premium was not paid in full therefore the warranty has been rescinded. I am currently in touch with other investors, also overseas, who are in the same situation. I am not the first and not the last person who has been scammed. These things happen. Unfortunately when you are a victim of a scam you only realize that when it is too late. If you don't trust me, it is not a problem. I can live with that. Sorry to be harsh, but for what godforsaken reason do you think anyone on here is the least bit interested in reading this GUFF 
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Post by memy on Dec 6, 2020 12:09:38 GMT
No professional property investor would repeatedly make the same stupid mistake? Just to clarify, what would be the mistake that I have made REPEATEDLY? I buy, rent and sell properties. I have bought some properties already completed and some others off-plan. If you had read my previous posts, you would have noticed that I said I am having issues ONLY with this investment. I have bought 4 off plan properties in my life including this one in Liverpool and the other 3 off-plan properties I have bought are either completed or almost completed. One of them (almost completed now) is in a development that was halted for roughly one year because the developer went into administration. The land and the project was sold to another developer who started working immediately and soon will complete the building. For this reason, I wouldn't consider this investment to be a mistake. By the way, each of these 3 off plan properties (completed or almost completed) is now worth around 20-25K more than what I paid for. Yes, I have made a mistake to invest in Liverpool. It is the only property I have bought in this city and I will never buy there again. When I bought this plot in 2017 my solicitor received all the warranty related documents. Everything seemed to be fine. Now the insurer is claiming the premium was not paid in full therefore the warranty has been rescinded. I am currently in touch with other investors, also overseas, who are in the same situation. I am not the first and not the last person who has been scammed. These things happen. Unfortunately when you are a victim of a scam you only realize that when it is too late. If you don't trust me, it is not a problem. I can live with that. Sorry to be harsh, but for what godforsaken reason do you think anyone on here is the least bit interested in reading this GUFF I have just replied to a previous post.
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star dust
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Post by star dust on Dec 6, 2020 13:55:52 GMT
Sorry to be harsh, but for what godforsaken reason do you think anyone on here is the least bit interested in reading this GUFF Wrong side of the bed this morning jonno ? I think you've been a member of this forum slightly longer than me, and quite how you've managed to avoid all the guff posted until now I don't know. You don't have to read it and you don't have to be insulting about it either. Obviously we're all anonymous and a pinch of salt is often handy, but I see nothing to lose from hearing the perspective from other part's of the P2P equation, even if it doesn't necessarily benefit our side. My sympathies have often been with people buying into these P2P development's off plan who have sometimes fared even worse than we have; however careful, we've all been taken for a ride and lost out to some rather unscrupulous characters in this game.
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Post by memy on Dec 6, 2020 15:13:52 GMT
Sorry to be harsh, but for what godforsaken reason do you think anyone on here is the least bit interested in reading this GUFF Wrong side of the bed this morning jonno ? I think you've been a member of this forum slightly longer than me, and quite how you've managed to avoid all the guff posted until now I don't know. You don't have to read it and you don't have to be insulting about it either. Obviously we're all anonymous and a pinch of salt is often handy, but I see nothing to lose from hearing the perspective from other part's of the P2P equation, even if it doesn't necessarily benefit our side. My sympathies have often been with people buying into these P2P development's off plan who have sometimes fared even worse than we have; however careful, we've all been taken for a ride and lost out to some rather unscrupulous characters in this game. Thank you very much, Star Dust, for stepping in. However, at this stage, I think it would be wise of me to stop posting or replying on this forum. I thought that sharing my knowledge and my thoughts regarding this project could be beneficial to both of us (investors and lenders) however it seems the majority of the members of this forum don't feel it that way. I really hope (believe it or not) we are going to recoup our money, in a way or in another, because, in my view, we are all victims of a ***** so we all deserve to get our money back.
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